Read a story some years back that somebody had examined it in detail and it was clearly a fake (latex, rabbit fur, glass eyes, etc.), although a relatively good one. Not sure where I read it though and I certainly do not remember all the details. The owner at the time was very helpful and not adverse to having it examined. The article was on a BF site.
I have seen this in person. It was displayed at Cuz's antique store in Lebanon, TN for many years. The story, if i remember correctly is that it was run over on Sugar Flatt road, which is east of Lebanon. It was probably a made-up head, but a boy and a girl had a daylight sighting not far from there about 10 years ago.